401K

The Urus Inc. retirement savings plan is administered by TransAmerica. The plan allows for Roth and pre-tax deferrals, offering the flexibility to adjust your contribution percentage and source at any time. These changes can be updated in your ADP portal. Some of the highlights of our plan include:

• Contribution Flexibility:  The 2024 IRS annual limit on 401k contributions is $23,000 with an additional $7,500 for those individuals over the age of 50. The total amount of combined Roth and pre-tax contributions cannot exceed the annual limit. Unlike Roth IRA rules, company-sponsored plans allow you to save up to $19,000 as Roth deferrals, regardless of annual income amounts. Contributions made prior to date of hire at Urus Inc. are your responsibility to consider as you defer into the Urus Inc. 401k plan. Any contributions that exceed the annual limit will be returned to you in the following calendar year. The investment gains and losses do not incur any tax liability in the Roth account, but pre-tax contributions and investment gains are taxed upon withdrawal. Any withdrawal prior to the normal retirement age as established in the plan document (65) incurs a 10% early withdrawal penalty.  

• Investment Flexibility: Within the 401k plan, you can select a variety of investments to achieve individual savings goals. The investments in the core lineup of funds do not impose sales charges, and are intended to provide several low-cost options.

• Loans: If you need to borrow money, for any reason, you can take a loan from your vested balance.  You can borrow 50%  of your  account balance with a maximum limit of $50,000. Loans are paid back with after-tax dollars with an additional interest charge that is paid back into your account. .

• Rollovers: The plan will accept amounts directly/indirectly rolled over from the prior plan to this plan including Roth Deferrals and Nondeductible Employee Contributions if the prior plan was a qualified retirement plan, 403b annuity plan, Traditional IRA or a government 457 plan.
• Hardship: If you have a financial hardship, you may take a distribution from your pre-tax, Roth, or Matching Contributions. The types of expenses that qualify for hardship distribution include unreimbursed medical expenses for you, your spouse, or your dependents; payment to purchase your principal residence; post-secondary tuition and education-related expenses for you, your spouse, or your dependents; payments to prevent eviction from your principal residence; funeral expenses for your parent, your spouse, or your dependent; payments to repair your principal residence that would qualify for a casualty loss deduction.